The US-based oil giant ExxonMobil yesterday announced that it has started development drilling offshore Guyana.
In a statement, the company said that the Liza Phase 1 development continues to rapidly progress and that development drilling began in May for the first of 17 wells planned for Phase 1, laying the foundation for production start-up in 2020.
The company and its co-venturers have so far discovered estimated recoverable resources of more than 3.2 billion oil-equivalent barrels on the Stabroek Block.
President of ExxonMobil Development Company, Liam Mallon, said the work being done in Guyana is remarkable.
“We are well on our way to producing oil less than five years after our first discovery, which is well ahead of the industry average for similar projects. The Liza development and future projects will provide significant economic benefits to Guyana,” he said.
Liza Phase 1 is expected to generate over US$7 billion in royalty and profit oil revenues for Guyana over the life of the project.
The oil company said additional benefits will accrue from other development projects now being planned. Liza Phase 1 involves the conversion of an oil tanker into a floating, production, storage and offloading (FPSO) vessel named Liza Destiny, along with four undersea drill centers with 17 production wells. Construction of the FPSO and subsea equipment is under way in more than a dozen countr
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